Cognex Corp. (CGNX) intrinsic value & 10-year financials
Cognex Corp. (CGNX) has a Graham intrinsic value of $1.96 per share. At $53.99 on Oct 17, 2026, the stock trades 2655% above that value. Over the last 10 fiscal years revenue grew 7.2% a year to $994.4M, with an average return on invested capital of 14.2%.
- Graham intrinsic value
- $1.96
- Share price (Oct 17, 2026)
- $53.99
- Price vs Graham value
- 2655% above
- Market cap
- $9.1B
- Revenue (FY2025)
- $994.4M
- Revenue growth (10-yr CAGR)
- 7.2%
- ROIC (10-yr avg)
- 14.2%
- Free cash flow (FY2025)
- $236.8M
CGNX 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $994.4M | $114.4M | $0.68 | $236.8M | 16.3% | 7.6% |
| FY2024 | $914.5M | $106.2M | $0.62 | $134.0M | 12.6% | 6.7% |
| FY2023 | $837.5M | $113.2M | $0.65 | $89.8M | 15.6% | 8.2% |
| FY2022 | $1.0B | $215.5M | $1.23 | $223.7M | 24.5% | 16.6% |
| FY2021 | $1.0B | $279.9M | $1.56 | $298.6M | 30.4% | 24.3% |
| FY2020 | $811.0M | $176.2M | $1.00 | $229.1M | 21.0% | 14.6% |
| FY2019 | $725.6M | $203.9M | $1.16 | $231.5M | 19.7% | 12.8% |
| FY2018 | $806.3M | $219.3M | $1.24 | $186.4M | 27.4% | 20.1% |
| FY2017 | $766.1M | $177.2M | $0.99 | $195.6M | 33.8% | 16.7% |
| FY2016 | $529.5M | $149.6M | $0.86 | $169.3M | 30.4% | 14.8% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
COGNEX CORP has demonstrated mature, steady growth, with revenue compounding at 7.3% annually over the past decade.
COGNEX CORP returns on capital have been average, hovering around 13.9% ROIC over the decade.
COGNEX CORP has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, COGNEX CORP is modeled at -2.6% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $1.96 per share.